Time Warner could be seeking more than $100 billion, The Wall Street Journal reported. That's about in line with $110 a share, according to Bloomberg.

Sources also told CNBC that AT&T could pay well north of $90 a share for Time Warner, and speculated it could be up to $110 a share. Alan Gould, an analyst at Brean Capital, wrote in a research note that such a deal could hit the $110 to $125 a share range.